The money game
Vintage Books, 1976 - 253 pages
"This is a modern classic." -Paul A. Samuelson, First American Nobel Prize Winner in Economics "The best book there is about the stock market and all that goes with it." -The New York Times Book Review "Anyone whose orientation is toward where the action is, where the happenings happen, should buy a copy ofThe Money Gameand read it with due diligence." -Book World " 'Adam Smith' is a veteran observer and commentator on the events and people of Wall Street.... His thorough knowledge of financial affairs gives his observations a great degree of authenticity. But the joy of reading this book comes from his delightful sense of humor. He is a lively and ingeniously witty writer who never stoops to acerbity. None of the solemn, sacred cows of Wall Street escapes debunking." -Library Journal
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Now we have four hundred fifty-two hungry hedge funds, the top eighty
professional gunslingers, and about three million amateur gunslingers all
chasing small thin stocks with supposedly rapidly growing earnings. It doesn't
take long to figure out what happens under this kind of pressure. First, it gets very
hard to buy the nubile stock at any kind of price that doesn't discount 1999
earnings. If it's a new issue, it comes out at an inflated price. If it's an old issue, the
minute it starts to move ...
suits are published, that caved-in, bombed-out stock fires off yellow smoke flares
from the printed page and says "Our portfolio manager got sandbagged." That is
how gunslingers are made, not born. All this is new only in degree. Our good
Lord Keynes had it all spotted in 193S, in one of the most acute passages ever
written: It might have been supposed that competition between expert
professionals, possessing judgment and knowledge beyond .that of the average
private investor, ...
The cyclical stocks reflecting business were sold down all they would go. Then
along came Poor Grenville and his gunslinger competitors selling stocks
because stocks were going down, riding with the trend instead of against it. Some
of them must have been reading the charts upside down, or their Chartists have
mirror-image reading problems and made the x's go in the wrong direction. When
the gunslingers hit the volatile stocks, Fairchild and Xerox and Polaroid and what
have you ...
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LibraryThing ReviewUser Review - carterchristian1 - LibraryThing
What is remarkable about this book is how ie speaks to the issues that led to the meltdown of 2007 and 2008. The missage is sim;ple.. Beware.Many of the Amazon nreviewers commented on how the book is a pleasure to read. It it. there is humor as well as advice. Read full review
Preface to the Vintage Edition
IDENTITY ANXIETY MONEY
Can Footprints Predict the Future?
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